IMM prices IPO at the bottom and downsizes institutional tranche

The $327 million deal offers more evidence that demand for Hong Kong IPOs is waning. Earlier in the week, Chu Kong Pipe also priced at the bottom, while Sijia pulled its offering citing current market conditions.

International Mining Machinery (IMM), a Chinese mining equipment producer, late last week priced its Hong Kong initial public offering at the bottom of the indicated range for a total deal size of HK$2.54 billion ($327 million).

This was the latest sign that investor appetite for new deals is waning as global stockmarkets come under increasing pressure, and further evidence that the world's number one IPO market in 2009 is losing its vigour.

A day earlier, Chu Kong Petroleum and Natural Gas Steel Pipe Holdings' IPO ...